mediawatch - Luxembourg for Finance

mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
1 10
LUXEMBOURG FINANCIAL CENTRE MONITORING
Luxembourg steals Ucits march on other fund domiciles
Financial News, 14/03/11
http://www.efinancialnews.com/story/2011-03-14/luxembourg-steals-ucits-march-on-other-fund-domiciles
Luxembourg is likely to be the main beneficiary of other countries’ slowness in implementing the new Ucits IV rules, Europe’s main
regulatory wrapper for investment vehicles, according to research seen by Financial News.
Gel des avoirs : procédure de la CSSF
lff.lu, 07/03/11
http://www.lff.lu/finance/news/news-detail/article/gel-des-avoirs-procedure-de-la-cssf/2/
Dans le cadre de troubles dans différents pays à travers le monde, la question sur la prévention, la détection et le traitement d’avoir
suspects est de nouveau à la une. La Commission de surveillance du secteur financier (CSSF) estime utile de rappeler les principaux
éléments de la législation destinée à éviter que les établissements financiers luxembourgeois ne puissent abriter des fonds suspects.
Au Grand-Duché, on sait recevoir
L’Echo, 03/03/11
http://www.lecho.be/nieuws/archief/Au_Grand-Duche-_on_sait_recevoir-.9028652-1802.art?highlight=grand-duch%E9
Le minuscule Luxembourg, avec sa fiscalité inventive, est une grande porte large ouverte sur l’Europe. Les investisseurs s’y pressent,
dans des “niches de compétences” financières fort attractives. Un modèle à suivre pour notre petite Belgique?
Les efforts du Luxembourg ont été honorés par le GAFI
lff.lu, 02/03/11
http://www.lff.lu/finance/news/news-detail/article/les-efforts-du-luxembourg-ont-ete-honores-par-le-gafi/2/
La plénière du Groupe d’Action financière (GAFI) qui s’est rencontrée à Paris du 23 au 25 février 2011 vient de décider que le Luxembourg sort de la procédure de la liste grise, procédure entamée il y a 8 mois déjà. La plénière s’est montrée convaincue des efforts
substantiels continus et soutenus entrepris par le Luxembourg en vue de renforcer son arsenal juridique de lutte contre le blanchiment et contre le financement du terrorisme.
Luxembourg and London: financial centres join forces
352LUXMAG, 02/03/11
http://www.352luxmag.lu/?p=edito&a=external&id=109492
The two most important financial centres in Europe, those in Luxembourg and London, have decided to form a ‘political alliance’ to
have more weight in European economic changes. On a visit to London, the Grand Duchy’s finance minister, Luc Frieden, agreed
with his British counterpart, George Osborne, to unite the strength of their respective financial centres at a political level, while still
competing.
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
FINANCIAL CENTRE: MEDIA COVERAGE (by number of articles)
2 10
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
3 10
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
4 10
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
5 10
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
6 10
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
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STATEMENTS ABOUT LUXEMBOURG
Name
Investment Funds
Marc Raynaud
Position
Organisation
Source
Date
Head of global funds solutions
BNP Paribas Investment Partners
Financial News
14/03/11
Raynaud said: “We have to wait for all the details, but have been promised that this will happen before July. Luxembourg
moved early and basically cut and pasted from the original directive so it was easy for them to implement it. It was helpful
for fund managers to see what they can do with these rules in place. “Luxembourg is seen as the place for Ucits funds. Other
countries should be as active.”
Image
Bernard Longepierre Journalist
Liberté Politique
Liberté Politique
04/03/11
Ces « places de complaisance », sont des pays où, sous couvert de liberté et du respect de la vie privée, l’on ne demande
pas l’identité du « client », où les formalités sont réduites au minimum, où il est possible d’agir au travers d’avocats sans
jamais apparaître, où le secret bancaire est garanti, etc. Des places souvent situées non loin de nous, comme la Suisse,
Londres ou le Luxembourg, sans parler des Îles anglo-normandes.
NN
Journalist
L’Echo
L’Echo
03/03/11
Pourquoi le Luxembourg réussit-il à s’imposer sur la place internationale? Dans un contexte de concurrence renforcée
en Europe pour attirer des investissements, l’optimisation des instruments juridiques et fiscaux reste, bien entendu, un
élément déterminant. Nous pensons d’abord que les principales différences ne proviennent pas uniquement des textes
luxembourgeois et des exonérations spécifiques qu’on peut y trouver, elles sont beaucoup plus fondamentales.
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
8 10
FINANCIAL CENTRES MONITORING
Germany:
Deutschlands Finanzplatz Nummer 1 hat gute Zukunftsaussichten
The Epoch Times, 07/03/11
http://www.epochtimes.de/articles/2011/03/07/685920.html
Der Finanzplatz Frankfurt hat sich als internationales Finanzzentrum etabliert, er ist global vernetzt und hat entscheidende Standortvorteile. Auf diesen Nenner brachte Hans-Dieter Brenner, Vorsitzender des Vorstandes der Landesbank Hessen-Thüringen (Helaba),
das Ergebnis einer neuen Helaba-Finanzplatzstudie unter Einbeziehung einer Umfrage unter den ausländischen Banken am Finanzplatz Frankfurt.
Switzerland:
Wealthy Arabs eye Swiss banks as uprisings spread
arabianbusiness.com, 13/03/11
http://www.arabianbusiness.com/wealthy-arabs-eye-swiss-banks-as-uprisings-spread-386343.html
Political upheaval in the Arab world could see more capital moved to Swiss bank accounts as wealthy Arabs look to safeguard their
assets, the CEO of Falcon Private Bank said.
“The unrest in the Arab world is a phenomenon that is being watched very closely. Business people in the area, who have accumulated wealth, are thinking of putting their wealth away in safe havens to diversify the political risks of their assets,” Eduardo Leemann,
CEO of the Aabar Investments-owned private bank, said.
“International besser koordinieren”
NZZ Online, 06/03/11
http://www.nzz.ch/nachrichten/wirtschaft/aktuell/international_besser_koordinieren__1.9780319.html
Die rasche Blockade von Geldern der Potentaten Ghadhafi, Mubarak und Ben Ali zeige, dass der Schweizer Finanzplatz sauber sei, sagt
der Chef der Bankiervereinigung. Er sieht trotzdem Raum für Verbesserungen.
France:
Taxation des capitaux qui fuient à l’étranger : la marge très étroite de Bercy
Les Echos, 15/03/11
http://www.lesechos.fr/economie-politique/france/actu/0201219904752-taxation-des-capitaux-qui-fuient-a-l-etranger-la-marge-tresetroite-de-bercy.htm
Les expatriés pourraient être taxés sur les plus-values qu’ils constituent en France avant de les exercer à l’étranger. Le gouvernement
avance prudemment, car Bruxelles a déjà censuré de tels dispositifs au nom de la liberté d’établissement en Europe.
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
9 10
FINANCIAL CENTRES MONITORING
UK:
UK plans amendments to offshore tax regulations
lawandtax-news.com, 02/03/11
http://www.lawandtax-news.com/asp/UK_Plans_Amendments_To_Offshore_Tax_Regulations____48011.html
The UK’s revenue agency, HM Revenue and Customs (HMRC), has released full draft proposals of government plans to amend the
existing equalisation provisions included in offshore fund regulation.
On December 2010, HMRC published its initial draft legislative material, accounting for the amendment of The Offshore Funds (Tax)
Regulations 2009. The changes were to account for the effect of equalisation arrangements in the calculation of responsible income
where an offshore reporting fund operates equalisation arrangements. It was also intended that the transitional provisions would
allow reporting funds to have the option of operating the new rules for previous reporting periods, where a report had not already
been issued. Further to these statements, HMRC announced on February 28, the publication, for industry comment, of the full draft of
the proposed amendments.
Ireland:
Ireland clarifies its Ucits IV rules
fundstrategy, 09/03/11
http://www.fundstrategy.co.uk/ireland-clarifies-its-ucits-iv-rules/1027449.article
Ireland, one of Europe’s major fund centres, has clarified how it will implement the European Union’s (EU) new funds directive Ucits IV,
which is introduced in July this year.
Singapore:
Singapore simplifies small business tax return
lawandtax-news.com, 09/03/11
http://www.lawandtax-news.com/asp/Singapore_Simplifies_Small_Business_Tax_Return____48152.html
During the parliamentary debate on the recently-announced 2011 Budget, Mrs Lim Hwee Hua, Singapore’s Second Minister for
Finance, confirmed that the Inland Revenue Authority of Singapore (IRAS) will introduce a simplified income tax return for small
businesses.
“As smaller companies tend to have more straightforward business transactions and tax deductions,” she pointed out, “the majority of
the items in the current tax return form do not apply to them.” IRAS plans, therefore, that small companies, with an annual turnover of
not more than SGD500,000 (USD395,000), will only have to fill out a simplified income tax return form.
mediawatch
01 - 15 march 2011
Tuesday, 01 - 15 March, 2011
10 10
FINANCIAL CENTRES MONITORING
Japan:
Japan Economy Minister says no reason to stop trading despite big drop
The Wall Street Journal, 15/03/11
http://online.wsj.com/article/BT-CO-20110313-704114.html
There is no reason to close the Tokyo stock market or consider any moves to halt trading despite the sharp fall in prices, Economy
Minister Kaoru Yosano said Tuesday.
Tokyo stocks suffered their biggest one-day fall since the Lehman shock in 2008, with the main index sliding 10.6% to close at 8605.15
Tuesday as panic selling set in due to the broadening crisis at the quake-hit nuclear power plants in Northern Japan.
Tokyo – a growing financial center once more?
The Wall Street Journal, 04/03/11
http://blogs.wsj.com/exchange/2011/03/04/tokyo-a-growing-financial-center-once-more/?mod=google_news_blog
Hong Kong and Singapore aren’t the only financial centers in Asia that are expanding rapidly. It might come as a bit of a surprise that
Tokyo is, too.
As Dow Jones Newswires’ William Sposato reports, for the seven months ending January, banking and financial sector placements in
Japan increased 115% from the same period a year before, according to British recruitment firm Hays. That compares to the group’s
overall gains in Asia, which was 131%.
Hong Kong:
Hong Kong’s traditional advantages as int’l financial center unchanged
English.news.cn, 14/03/11
http://news.xinhuanet.com/english2010/china/2011-03/14/c_13777332.htm
Hong Kong’s advantaged position as an international financial center has not changed, Chinese Premier Wen Jiabao said Monday.
The central government will continue to render strong support for the long-term stability and prosperity in Hong Kong and Macao,
Wen said at a press conference after the closing meeting of the national legislature’s annual session.
India:
Inde : les fonds d’investissement s’ouvrent aux investisseurs étrangers
Les Echos, 01/03/11
http://www.lesechos.fr/entreprises-secteurs/finance-marches/actu/0201185149704.htm
Le gouvernement franchit une nouvelle étape dans la libéralisation des marchés financiers indiens. L’initiative pourrait avoir un impact
important à terme sur la Bourse de Bombay. Les investisseurs étrangers vont pouvoir désormais souscrire aux fonds d’investissement
indiens : cette réforme de grande portée a été dévoilée lundi 28 février par le ministre des Finances Pranab Mukherjee.